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ALERT: U.S. Rep. Collins indicted on insider trading charges



STAFF REPORTS


Congressman Chris Collins, R-Clarence, was indicted this morning on charges of securities fraud, wire fraud, and making false statements.

Collins' son Cameron Collins was also charged, as was Stephen Zarsky, the father of Cameron Collins’s fiancee.

According to the accusations, in June of 2017, Collins called his son Cameron from the White House Congressional picnic with a non-public tip to sell stock he held in Innate Immunotherapeutics, an Australian biotech company on whose board the congressman served. Collins' son and Zarksy then dumped their stocks in Innate Immunotherapeutics, which allowed them to avoid $768,000 in losses, according to the indictment.

In a statement, attorneys representing Collins said they “will mount a vigorous defense to clear his good name," adding “It is notable that even the government does not allege that Congressman Collins traded a single share of Innate Therapeutics stocks. We are confident he will be completely vindicated and exonerated."

A press conference on the issue is slated for noon.